HILARY JOFFE: So much for the Brics bank’s jumping through the hoops
SA has derived little economic benefit from joining the bloc, just diplomatic damage over Russia
Ratings agency Fitch’s decision this week to downgrade the New Development Bank (NDB) was a timely reminder that the bank is the only concrete benefit SA has derived from its membership of the rogue’s gallery that is the Brics bloc (Brazil, Russia, India, China, SA).
While the ANC has been trying hard to try to explain why SA’s government refused to condemn Russian’s invasion of Ukraine, the bank has been jumping through hoops to bypass its Russian connection so that it can retain its access to markets. Without that it would be unable to keep providing the cheap loans from which SA has benefited to the tune of almost $3bn so far...
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